British music label EMI is firing nearly one-third of its workforce and has some of its most proftable artists, including cash cows Coldplay, up in arms.

One of the world's oldest and biggest labels (dates back to the 1800s, has 13,000 artists!), EMI said it will pink-slip nearly 2,000 employees over the next six months as part of a massive cost-cutting plan, blaming the effects of digital downloads and free-falling album sales (and definitely not historic and systemic mismanagement of artists' works).

The belt tightening may cut into album marketing and promotion budgets, which of course is the reason for the artists' tantrums. (What, you thought bands gave a shit about staff layoffs?) Coldplay, Kylie Minogue, Robbie Williams, and the Verve are threatening to hold back albums and are said to be reviewing contract options.

The move comes as a gamble because the company has already lost and alienated some of its talent pool. Since Terra Firma bought EMI for $6.3 billion last summer, several acts have left the label, including Paul McCartney and Radiohead. The rest of the label's talent stall—which includes the Rolling Stones, Lily Allen, David Bowie, Spice Girls, Norah Jones, and the Beastie Boys—remains with EMI. For now.

When Radiohead left, front man Thom Yorke said the label acted like "confused bulls in a china shop," While Sir Paul McCartney noted that the company is simply "really very boring."